Mixed Results in November Housing Starts with Monthly Increases But Some YOY Declines

Privately‐owned housing starts in November were at a seasonally adjusted annual rate of 1,256,000, +3.2% above the revised October estimate of 1,217,000, and -3.6% below the Nov. 2017 rate of 1,303,000.  The U.S. Census Bureau said single‐family housing starts in November were at a rate of 824,000, -4.6% below the revised October figure of 864,000. Starts with five or more units were up +24.9%. for the month.

NAHB Chief Economist Robert Dietz said in a press release, “While homeownership has increased over the last nine quarters, we can expect that upward momentum to stop due to rising home costs. Because housing leads the economy, we need to stabilize residential market conditions.”